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Accounting Entries for MM

What should be my accounting entry in procurement?


For Domestic Procurement of Raw Material
During GR
Material Stock
Dr.
GR/IR clearing
Cr.
During Excise Invoice Credit
Cenvat Account
Dr.
Cenvat Clearing
Cr.
During Invoice Verification
Cenvat Clearing
Dr.
GR/IR Clearing
Dr.
Vendor Payable
Cr.
For Domestic procurement of Capital Goods
During GR
Material Stock
GR/IR clearing
During Excise Invoice Credit
Cenvat Account
Cenvat On-hold
Cenvat Clearing
During Invoice Verification
Cenvat Clearing
GR/IR Clearing
Vendor Payable
Subsequent of Capital Goods
Cenvat Account
Cenvat On-hold

Dr.
Cr.
Dr.
Dr.

(50%)
(50%)
Cr.

Dr.
Dr.
Cr
Dr.

(50%)
Cr.

For Import Procurement of Raw Material


During Customs Duty Clearing invoice
Custom Clearing
Custom Payable
During GR
Material Stock
GR/IR clearing
During Excise Invoice Credit
Cenvat Account
Custom Clearing
During Invoice Verification
GR/IR Clearing
Vendor Payable

Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.

(50%)

For Excise Duty Credit of Raw Material without PO


Cenvat Account
Cenvat Clearing

Dr.
Cr.

For Excise Duty Reversal through Excise JV


Cenvat Clearing
Cenvat Account

Dr.
Cr.

What should be my accounting entry when the goods are issued through MM and excise invoice
is created (J1IS & J1IV)?
During Excise Invoice Creation
Cenvat Suspense Account
Dr.
Cenvat payable
Cr.
For TR6C Challan
PLA Account
Dr.
PLA on hold Account

Cr.

During Fortnightly Utilization


Cenvat payable
Dr.
Cenvat Account
PLA Account

Cr.
Cr.

Note: Cenvat Suspense Account should be cleared appropriately using FI JV's.

What should be my accounting entry in subcontracting reversal / Recredit?


For Subcontracting Challan Reversal
Cenvat Reversal
Dr.
Cenvat Account
Cr.
For Subcontracting Challan Recredit
Cenvat Account
Dr.
Cenvat Reversal
Cr.

What should be my accounting entry in SD ?


For Factory Sale
During Billing Document
Customer Account
Sales Account
Cenvat Suspense Account

Dr.
Cr.
Cr.

During Excise Invoice Creation


Cenvat Suspense Account
Cenvat payable

Dr.
Cr.

For TR6C Challan


PLA Account
Dr.
PLA on hold Account

Cr.

During Fortnightly Utilization


Cenvat payable
Dr.
Cenvat Account
PLA Account

Cr.
Cr.

For Stock Transfer through SD


No Accounting entries for Performa Billing Document
During Excise Invoice Creation
Cenvat Suspense Account
Cenvat payable

Dr.
Cr.

For TR6C Challan


PLA Account
Dr.
PLA on hold Account

Cr.

During Fortnightly Utilization


Cenvat payable
Dr.
Cenvat Account
PLA Account

Cr.
Cr.

Note: Cenvat Suspense Account should be cleared appropriately using FI JV's.